• Ripple's Xpring grants 1 billion XRP to Coil for driving adoption of XRP and the Interledger Protocol.
  • A part of the grant will be used to build awareness of Coil among users, creators, and strategic partners.

Coil became the latest firm to receive funding from Xpring after they got a 1 billion XRP grant from Ripple’s investment arm. Coil offers creators a brand-new way of monetizing their content (apart from advertising and site-by-site subscriptions). The money is expected to be used towards increased adoption of XRP and the Interledger Protocol (ILP). 

Stefan Thomas, CEO and founder of Coil and ILP, said: 

"Creators want more choice and control over how their content is monetized and distributed. Web Monetization provides a solution that is more fair, open and inclusive for creators and fans around the globe. This initiative will help us level the playing field for creators by providing a better way to support content across the web."

Ethan Beard, Senior Vice President of Xpring, said:

"Advertising and site-by-site subscription models are ready for disruption. The low cost and fast transactions of XRP makes it an ideal tool for Coil to offer an alternative monetization method and have a positive impact on creators. At Xpring, we build infrastructure and support projects that enable the Internet of Value and increase the utilization of XRP -- we're excited to support Coil and the team in their journey."

Coil is planning to use the 1 billion XRP to build an ecosystem of creators, developers, companies and nonprofits who are using the Web Monetization open standard. A part of the grant will be used to create awareness of Coil among users, creators, and strategic partners. In May 2019, Coil had launched its monetized publishing platform for creators. This platform allows creators to post exclusive and public content on Coil. By adding a simple tag, creators can web-monetize their websites. People looking to support creators using Coil can join the community with a $5 monthly subscription fee. Creators, however, need not pay any membership fees. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price analysis: BTC/USD mundane trading could pave the way for gains towards $11,000

Bitcoin has not been able to make headway since it tested the resistance at $10,400 and failed to sustain gains towards $11,000 last week. The price has been inclined to the downside with $10,000 being the biggest support contender.

More Bitcoin News

Ethereum (ETH) price analysis: ETH/USD settles above $200.00 amid altcoins'bull run

The second-largest cryptocurrency with the current market capitalization of $22.9 billion hit $215.18 during early Asian hours. While the coin has retreated to $212.40 by the time of writing, the upside momentum remains strong as the coin stays above a critical $200.00.

More Ethereum News

NEO price analysis: NEO/USD retreats from intraday high, upside momentum recedes

NEO is performing strongly on Wednesday. The 20th largest digital asset with the current market value of $69 million gained over 7% both on a day-on-day basis and moved nearly 3% higher since the beginning of the day.  At the time of writing, NEO/USD is changing hands at $9.80, off the intraday high of $9.87. 

More NEO News

TRON market update: TRX/USD tests DMA50 for the first time since July

TRON (TRX) is one of the best performing coins on Wednesday. TRX/USD has gained over 10% of its value to trade at $0.0178 by press time. While the coin has retreated from the intraday high ($0.0178), the upside momentum is still strong as TRX is moving in sync with the rest of the market. 

More Tron News


Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast